A little more than a year back, in March 2017 to be precise, the Bank Nifty broke out of a key continuation chart pattern at 20,500 with a solid upside target of around 6900 points, which was realized in late January this year.

WTI Crude is up about 4 percent this year after topping $66 a barrel earlier in January, the highest since December 2014. Since then, prices have been oscillating in the $58- 64 per barrel for more than a month now.